Bellwether Enterprise Real Estate Capital LLC (BWE) announced three loan closings totaling over $25 million to refinance and preserve three affordable senior living communities in Nashville, Tennessee, Baltimore, Maryland, and Pikesville, Maryland.
Jon Killough, Executive Vice President in BWE’s Montgomery, AL, office, and John Roberts, Vice President in the firm’s Dallas, TX, office, originated the Nashville deal, and Victor Agusta, Executive Vice President in BWE’s Raleigh, NC, office, originated the Maryland loans.
The three affordable seniors housing properties within this transaction are:
- A $21 million bridge loan originated on behalf of Envolve Communities to acquire and finance Nashville Christian Towers in Nashville, Tennessee, a 175-unit affordable seniors housing development. Envolve plans to redevelop the property utilizing proceeds from a 4% Low-Income Housing Tax Credits (LIHTC) execution coupled with tax-exempt bonds, and the bridge loan will help position the property for renovation and the planned LIHTC execution. The property benefits from a 100% Project Based Rental Assistance contract. The financing was a loan participation between BWE and Enterprise Community Loan Fund, an affiliate of Enterprise Community Partners. The bridge loan has a 12-month term with an available 12-month extension, with interest only payments during the term of the loan.
- A $1.7 million HUD loan originated on behalf of Catholic Charities of Baltimore to refinance and preserve St. Charles House of Pikesville, Maryland, a 24-unit, Section 202 senior housing community. All units will be affordable to seniors earning up to 50% AMI. In addition to providing financing to make necessary capital improvements to the property, the HAP contracts will also be renewed for 20 years. The loan includes a 35-year term with a 35-year amortization.
- A $3.1 million HUD loan originated on behalf of Catholic Charities of Baltimore to refinance and preserve Coursey Station of Baltimore, Maryland, a 49-unit, Section 202 senior housing complex. The apartments will be affordable to seniors earning up to 50% AMI. The refinancing helped provide for capital improvements and allowed for the extension of the HAP contracts for an additional 20 years. The loan includes a 35-year term with a 35-year amortization.
